Oil prices steadied this evening, lifted by hopes of a turnaround in the US economy.
London's Brent North Sea crude added 34 cents to reach $52.77 a barrel while US crude eased 10 cents to $49.15.
Oil sank on Wednesday on news that US crude reserves had hit the highest level for more than 18 years, indicating fragile demand in the struggling US economy.
But Wall Street shares opened higher today after better than expected profits from JPMorgan Chase offered hope that the banking sector is on the mend.
This week, the Organisation of Petroleum Exporting Countries (OPEC) cut its estimate for world crude demand again, arguing that a 'devastating contraction' in consumption would hit prices.
